LXI REIT PLC gets valuation lift from industrial and food store sites
The company noted that during the three months it completed rent reviews over 14% of the portfolio with a weighted average uplift of 2.1% per annum
LXI REIT PLC () said its net asset value rose slightly in the quarter to end-December 2020 thanks to the performance of its food store and industrial properties.
Industrial sites account for 21% and foodstores and essentials a further 20%.of the trust’s 125 properties.
The rest of the portfolio consists of budget hotels (21%), healthcare (13%), car parks (8%) and drive-thru coffee (4%).
At of December 31, 2020, LXI’s portfolio independent valuation was £907.25mln, a 1.7% like-for-like increase on September 30, 2020.
LXI noted that during the three months it completed rent reviews over 14% of the portfolio with a weighted average uplift of 2.1% per annum.
Borrowing currently is 30% on a loan-to-value ratio basis with the estimated net asset value per share 123.2p at end December 2020.
In the update, Simon Lee, LXI REIT’s co-manager, said: “Whilst these remain challenging times, the company’s diversified long income portfolio continues to perform strongly with robust ongoing rent collection and further growth in the underlying valuations and rents during the quarter.
“We continue to see some exciting investment opportunities in the market, in particular through pre-let forward fundings.”
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